Enlabs increases stake in Global Gaming
Baltic-facing operator Enlabs has agreed a deal to purchase an additional 11.3m shares in Ninja Casino operator Global Gaming.
Enlabs said the agreement comprises the acquisition 11.3m shares in Global at a price of SEK8 per share, thus valuing the deal at approximately SEK90.4m (£7.7m/€8.7m/$9.7m).
The acquisition will be funded with 50% cash payment and 50% in newly issued shares in Enlabs, trading on the Nasdaq First North Growth Market.
The deal means that Enlabs now holds a total of 12.2m shares in Global Gaming, which translates to a total holding of 29.9% in the operator.
Last month, Enlabs reported a year-on-year increase in revenue for the first quarter, with growth across all major gaming segments. Revenue in the three months to 31 March amounted to €10.5m, up 16.7% from €9.0m in the same period last year.
Enlabs said it drew 94.0% of revenue from operations in Baltic markets, namely Estonia, Latvia and Lithuania, while 6% of revenue came from its rest of world segment, through its licences in Belarus, Malta and Sweden.
Global Gaming's revenue fell 64.3% to SEK57.8m in the same period, as the operator's Swedish licence cancellation continued to drag down revenue. However, the slashing of costs – especially marketing expenditure – cut the business's losses.